Biogen Idec to acquire Convergence Pharmaceuticals, expands neuropathic pain portfolio
Biogen Idec has agreed to acquire U.K.-based Convergence Pharmaceuticals, a clinical-stage biopharmaceutical company with an innovative portfolio of ion channel-modulating product candidates for neuropathic pain. Biogen Idec plans to leverage Convergence’s experience in chronic pain research and clinical development to accelerate the growth of its pain portfolio.
The acquisition is centered on the development of Convergence’s phase II clinical candidate (CNV1014802), which has demonstrated clinical activity in proof-of-concept studies for trigeminal neuralgia (TGN), a chronic orphan disease consisting of debilitating, episodic facial pain. CNV1014802 is a novel small molecule state-dependent sodium channel blocker that preferentially inhibits Nav 1.7 ion channels. The Nav 1.7 ion channel is a genetically validated target for pain in humans. Additionally, CNV1014802 has demonstrated proof-of-concept for treating pain associated with lumbosacral radiculopathy, more commonly known as sciatica, and has potential applicability in several other neuropathic pain states.
Biogen Idec will pay Convergence shareholders an upfront payment of $200 million. Convergence shareholders are eligible to receive additional payments up to $475 million contingent on future milestones. Convergence will continue to operate out of Cambridge, U.K., under the leadership of its chief scientific officer, Simon Tate, Ph.D.
The acquisition is expected to close in the first quarter of 2015.